Azerbaijan’s parliament, the Milli Majlis, approved on April 3 the Head of the Azerbaijani Central Bank (CBA) Elman Rustamov as the CBA’s board member for the fifth five-year term, and his deputy, Khagani Abdullayev as the CBA’s board member for the second five-year term.

Under the ‘Law on the Central Bank of Azerbaijan’, the parliament approves the composition of the CBA board. Rustamov’s term of office expires in April 2015, due to with which Azerbaijani President Ilham Aliyev made a proposal to extend his powers.

Rustamov is to be appointed the CBA board chairman by the president.

The 63-year-old Elman Rustamov was first appointed the chairman of the CBA board in January 1995. Then he was again approved for the position for five years in 2000, 2005 and 2010.

His last appointment was in April 2010. On April 6, 2010, by a decree of President Ilham Aliyev, Elman Rustamov was appointed the chairman of the CBA board for another five years.

Rustamov, who holds doctorate in economic sciences, was in February 2012 awarded the Shohrat (Glory) Order for his merits in the development of Azerbaijani banking.

The term of office of 39-year-old Khagani Abdullayev as the member of the CBA board member expired in March. He started his career at the CBA in 1997.

In February 2007, Abdullayev was awarded the Tereggi (Progress) Medal for his merits in the development of Azerbaijani banking.

/By Trend/